Dubai presses on with plans for $20 billion development

Despite the financial difficulties being endured in Dubai, due to rapidly declining prices of oil, Dubai has decided it’s in their best interests to continue with plans for the $20 billion project. The building area is due

to be situated just off the city’s busiest highway. The first phase of the development is going to begin in the summer of 2017.

Here are a number of key facts for the first phase: •Cost - $6.5bn•15 hotels•18 residential buildings •2’800 hotel rooms •Five parks

•1 shopping mall

“We will be responding to market needs and we’ll also respond to capital, because when capital comes it means investors thought about the market,” Parker told reporters on Sunday. The developer is

exploring all funding options, including loans and bonds, and is currently in talks with investors on almost all of the 69 projects within the first phase, he said.

Looks like Dubai have no intention of slowing down their tourism rates, with such large investments in accommodation and public amenities.